The following is an extract from the “CNH Industrial 2019 first quarter results” press release. The complete press release can be accessed by visiting the media section of the CNH Industrial corporate website: cnhindustrial.com/en-us/media/press_releases/ or consulting the accompanying PDF:
CNH Industrial reported record 2019 first quarter net income of $264 million or $0.19 per share
on consolidated revenues of $6.5 billion
Financial results presented under U.S. GAAP
- Industrial Activities net sales were $6.0 billion, down 5% compared to the first quarter 2018 (up 2% on a constant currency basis), with currency translation impact more than offsetting strong price realization performance in Agriculture and Construction, and sales volume improvements in Commercial and Specialty Vehicles
- Adjusted EBIT of Industrial Activities increased 7% to $278 million, with a 4.6% margin (up 50 basis points). Adjusted EBITDA of Industrial Activities was $525 million, with an 8.7% margin, flat compared to the first quarter of 2018
- Adjusted net income was $248 million in the first quarter of 2019, with adjusted diluted EPS of $0.18 (up 29% compared to the first quarter of 2018), a record first quarter result
- Net industrial debt at March 31, 2019 was $1.5 billion, $0.9 billion higher than at December 31, 2018 as a result of normal seasonal increase in working capital in the first quarter
- In March, CNH Industrial signed a €4 billion committed revolving credit facility, replacing an existing €1.75 billion facility, and CNH Industrial Finance Europe S.A. issued €600 million in principal amount of 1.75% notes due 2027 and guaranteed by CNH Industrial N.V.
- For 2019, CNH Industrial is reaffirming its guidance: net sales of Industrial Activities expected at approximately $28 billion, adjusted diluted EPS between $0.84 and $0.88, and net industrial debt between $0.4 billion and $0.2 billion